NO DEFICIENCY

Timaru Herald, Volume CXXXVII, Issue 19622, 17 October 1933, Page 2

NO DEFICIENCY

RAILWAY SUPERANNUATION FUND. By Telegraph—Press Association WELLINGTON, October 16. At a special meeting of the Executive Committee of the Railway Superannuitants’ Association last Thursday, It was stated that a careful examination of the fund disclosed that there was no actual deficiency. It was true that a certain sum had been taken from the reserve account, but this money was wanted to pay allowances Incurred by the very large number of early retirements. There had thus been thrown on the fund an immediate and heavy liability, which under normal retirements would not have accrued (or some years. It was thought tbat :he financial position of the fund would, however. Improve each year, as there should be comparatively few retirements in the next five years, or perhaps longer. The committee was of the opinion that the loading of the funds with allowances due to these early retirements could not be justified on any grounds, and It was decided to Interview the Minister of Finance in the matter. Two trustees were appointed to administer the Legal Defence Fund, now being raised. Reports from branches indicated that subscriptions to this fund were coming in freely.